✍🏾: @jamilatdavis
The Black News Channel, a cable news station focused on serving Black viewers, ceased operations on Friday afternoon after its billionaire backer declined to provide more funding for the startup.
The channel ceased live operations on Friday afternoon after it failed to make payroll. About 230 employees were laid off and informed that they would not receive severance pay and their health benefits would end in a week, the Los Angeles Times reported.
“During the past few months, we have endured very painful workforce reductions at all levels of the network as we worked to achieve our financial goal of a break-even business,” Princell Hair, the station’s CEO, said in the memo.
“This has forced all of you to do more with less, and your contributions have been remarkable. Unfortunately, due to challenging market conditions and global financial pressures, we have been unable to meet our financial goals, and the timeline afforded to us has run out.”
Many of the news channel’s journalists left careers at established media organizations to join the start-up, in hopes of bringing news to a historically underserved audience. Unfortunately these individuals will now be out of work.
#BNC has made a staple in the black news media world over the last two years. This station’s closing will have a significant impact and will greatly be missed in the Black community. #BWLM💕
